Forums - View Single Post - Lawyer Salary
Thread: Lawyer Salary
View Single Post
  #4064 (permalink)  
Old 17-02-2019, 08:27 AM
Posts: n/a

Originally Posted by LegalBeagle View Post
Thatís because you donít understand how white shoe partners are paid.

Partnership in white shoe US firms is based on a lockstep grading system, and fixed at standard unified net rates globally (adjusted for taxes). Earnings are pooled and distributed based on the points allocated to partners in your grade. They donít adopt the eat-what-you-kill system. Consequently, SG white shoe partners make the same as NY white shoe partners, and location isnít relevant at all. What matters is your partnership grade.

The brutality of this system is that if your earnings consistently fall below the average partnerís earnings within your grade, you either get downgraded or asked to leave. They may carry deadweights for a year or so, but never more.
Forgive me if I'm mistaken but isn't it the case that white shoe compensation is based on a eat what you kill or modified lockstep, while the magic circle is lockstep. Which explains why many star MC rainmakers in London are decamping to the American firms because they can do much better in comp?
Reply With Quote